New York Times (NYT) Conference Call Commentary 'Mixed', FBR Capital Says
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5 Buy, 8 Hold, 0 Sell
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FBR Capital analyst William Bird reiterating his Market Perform rating and $13.50 price target on New York Times (NYSE: NYT) following result and "mixed" conference call commentary. The firm views shares as fairly valued.
Bird commented, "Post the earnings call, there is no change to our full-year estimates. Conference call comments were mixed: July trends were better, consistent with our page counts, the digital subscriber outlook is better (subscriber additions in the high 30K range versus our 33K estimate), while NYT signaled expected expense decline moderation and digital ad growth moderation to the mid single digits versus 2Q’s 14% growth due to tough comps and the transition to viewable ads. We believe management is showing better execution on digital initiatives, but proportionately larger print headwinds constrain upside. We maintain our Market Perform rating as we believe the shares are fairly valued."
For an analyst ratings summary and ratings history on New York Times click here. For more ratings news on New York Times click here.
Shares of New York Times closed at $13.19 yesterday.
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